Remembering passwords for online access to numerous financial accounts is history for customers of KeyCorp.
The Cleveland-based institution has rolled out an online account aggregation service for its banking and investment customers. Called Complete Picture, the service gives customers the option of aggregating many different savings, investing, and loan accounts, including those at other institutions, for easy access to their financial information.
"Complete Picture offers one-stop access to their accounts," said Paul Graning, vice president of online services at $87 billion KeyCorp. "It provides them easy and secure access to their information."
With Complete Picture, customers need to remember only one password, which they use to log onto the service through Key's Web site. Customers can set up the service to gather information from banks, brokerages, credit unions, credit card companies, and mortgage companies. They can even link up with their airline miles accounts.
Complete Picture gives customers one screen that summarizes their account balance information. They can also link to pages offering more detailed information about each account. Account information is updated daily, and can also be updated upon request from the customer.
In addition to providing basic financial account information, Complete Picture can be customized to allow clients to track their net worth, create a consolidated stock portfolio, and consolidate news headlines and e-mails.
Key is offering the service in partnership with Yodlee, which hosts the service and coordinates the daily electronic batch process that populates the customer's screen with updated information. The bank chose Yodlee, according to Graning, because it's a leader in the field and offers reliable service.
Online customers seem to be catching on, and the bank expects that as the benefits of the service become apparent more will climb on board. "We've been pleased with the initial response," said Graning. "It's a matter of time before people see the advantages."
Complete Picture is seen as enhancing the role the bank already plays as a partner working with people to manage their finances. The account aggregation service may also help position the bank to eventually offer additional services, such as financial planning and advice, noted Graning. "People tend to look at banks as a trusted partner. We're hoping that this adds to that thought."